New Islamic banks set up in Oman will struggle initially to compete with established conventional banks offering Sharia-compliant services when the country opens up its banking sector, according to Fitch Ratings.
"While there is demand for Islamic banking, and its growth across the Gulf is likely to outpace that of conventional banking, recent experience from Qatar suggests that customers in Oman will opt to get these services from established banks," a report by the ratings agency suggested...............................................Full Article: Source